Business News | FM Sitharaman Chairs 49th Meeting of the GST Council

New Delhi [India], February 18 (ANI): Union Finance Minister Nirmala Sitharaman on Saturday chaired the 49th meeting of the Goods and Services Tax (GST) Council, in Vigyan Bhawan, New Delhi.

The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting, according to the finance ministry's official handle -- @FinMinIndia.

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With the meeting being attended by various officials from the Centre and state governments, it is anticipated the council is likely to discuss setting up appellate tribunals and mechanisms to curb tax evasion in pan masala and gutkha business.

The much-awaited report by the Group of Ministers on online gaming and GST appellate tribunal is unlikely to be submitted in the meeting, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri had earlier said.

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The 48th Meeting of the GST Council was held on December 17, 2022, through video conference.

At the last meeting, the GST Council had recommended decriminalising three different types of offences, including the tampering of material evidence. They pertain to obstructing or preventing any officers in the discharge of his duties, deliberate tampering of material evidence, and failure to supply information. Also, GST rates on pulses husk and knives were reduced from 5 per cent to nil.

Goods and Services Tax was introduced in the country with effect from July 1, 2017 and states were assured for compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)